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News

The Money Statistics October 2016

0.25% The new Bank of England base rate, which had stood at 0.5% since March 2009

£1.499 trillion The total outstanding lending at the end of August

0.3% The rise in house prices in September

6.648 million Employees had joined a pension scheme under auto-enrolment by the end of August 2016

£412.30 The growth in average consumer debt per household in the year to August

£55.11 The cost of filling a 50 litre petrol tank in August

4.14% The average interest rate on a loan of £10,000

£285 million The amount of credit card debt written off in Q2 2016

£775.67 The average monthly rent paid by private renters in 2014/15

UK Personal Debt

People in the UK owed £1.499 trillionat the end of August 2016. This is up from £1.445 trillion at the end of August 2015 – an extra £995.43 per UK adult.

The average total debt per household – including mortgages – was £55,504in August. The revised figure for August was £55,350.

Per adult in the UK that’s an average debt of£29,675 in August – around 113.4% of average earnings. This is slightly up from a revised £29,592 a month earlier.

Based on August 2016 trends, the UK’s total interest repayments on personal debt over a 12 month period would have been £52.255 billion.

That’s an average of £143 million per day.

This means that households in the UK would have paid an average of £1,935 in annual interest repayments. Per person that’s £1,035 – 3.95% of average earnings.

According to the Office for Budget Responsibility’s July 2015 forecast, household debt is predicted to reach £2.551 trillion in Q1 2021. This makes the average household debt£94,481 (assuming that the number of households in the UK remained the same between now and Q1 2021).

Outstanding consumer credit lending was£187.9 billion at the end of August 2016.

This is up from £176.7 billion at the end of August 2015, and is an increase of £220.43 for every adult in the UK.

Per household, that’s an average consumer credit debt of £6,958 in August, up from a revised £6,912 in July – or £412.30 extra per household over the year.

It also means the average consumer credit borrowing stood at £3,695per UK adult. This is up from a revised £3,683 in June.

Total credit card debt in August 2016 was £65.7bn. Per household this is £2,432 – for a credit card bearing the average interest, it would take 25 years and 6 monthsto repay if you made only the minimum repayment each month.

The minimum repayment in the first month would be £58 but reduces each month. If you paid £58 every month, the debt would be cleared in around 5 years and 4 months.

Total net lending to individuals by UK banks and building societiesrose by £4.5 billion in August 2016 – or £145m a day.

In Q2 itself they wrote off £504 million (of which £285 million was credit card debt) amounting to a daily write-off of £5.54 million.

There were 22,503individual insolvencies in England and Wales in Q2 2016. This is equivalent to 247people a day or, one person every 5 minutes 49 seconds. This was up 6.9%on the previous quarter and up 22.4%on the same period a year ago.

Every day, on average, 39 people were made bankrupt, 74Debt Relief Orders were granted, and 134Individual Voluntary Arrangements were entered into.

In the 12 months ending Q2 2016, 1 in 541 adults(just under 0.18% of the adult population) became insolvent. This was the lowest rate in a decade.

2,305 Consumer County Court Judgements (CCJs) were issued every day in the six months to Q2 2016. The average value of a Consumer CCJ in Q2 2016 was £1,833.

Everyday in the UK

The population of the UK grew by an estimated 1,286people a day between 2014 and 2015.

On average, a UK household spends£3.44a day on water, electricity and gas.

247people a day are declared insolvent or bankrupt. This is equivalent to one person every 5 minutes 50 seconds.

41 millionplastic card purchase transactions were made every day in June 2016, with a total value of £1.57 billion.

8.7m cash machine transactions were made every day in August with a value of £357m.

2,102 Consumer County Court Judgments (CCJs) are issued every day, with an average value of£2,030.

Citizens Advice Bureaux in England and Wales dealt with 4,495new debt problems every day during the quarter ending March 2016.

17 properties are repossessed every day, or one every 1 hour and 26 minutes.

The number of mortgages with arrears of over 2.5% of the remaining balance fell by 39 a day.

The number of people unemployed for over 12 months fell by 301 per day between March and May.

1,130 people a day reported they had become redundant between March and May.

Net lending to individuals in the UK increased by £145 milliona day.

The Government had a surplus of £32ma day during April 2016 (£373 per second).

Borrowers would repay £143ma day in interest over a year, based on July 2016 trends.

It costs an average of £30.23per day to raise a child from birth to the age of 21.